Britain’s high streets continued to shrink in 2024, with an average of 35 stores closing each day as retailers battled online competition and economic uncertainty.
However, despite 12,804 closures last year, the latest data from PwC indicates a more positive outlook for the sector, with the rate of closures slowing compared to 2023, when 14,801 stores shut their doors.
While closures outpaced new openings, the retail landscape saw signs of resilience, with 9,002 new shops launching across high streets, retail parks, and shopping centres. Coffee shops and convenience stores were among the key drivers of growth, with a net increase of 171 convenience stores and 105 new coffee outlets, particularly in drive-through and out-of-town locations.
Jacqueline Windsor, head of retail at PwC UK, said the figures indicate “a cautious optimism” for 2025, suggesting consumer spending remains steady despite ongoing economic pressures.
The biggest losses were seen in the banking sector, where a net 396 branches closed as financial services moved further online. Pubs also suffered, with 561 chain pub closures recorded last year—though around half of these later reopened under independent ownership or as smaller chains.
Zelf Hussain, restructuring partner at PwC UK, warned that challenges remain, particularly with payroll costs and business rates set to rise in April. “Retailers continue to face significant challenges in 2025,” he said.
Over the past decade, Britain’s high streets have lost nearly 30% of their retail outlets, while shopping centres have seen a 25% decline. Despite the slowdown in closures last year, the retail sector remains under pressure, with many businesses still adapting to changing consumer habits and rising operational costs.
